Billionaire Mike Novogratz, a strong backer of cryptocurrency, is advocating real estate tokenization as a good path for investors interested in the overall blockchain/crypto markets.

While prices for coins are down, Novogratz feels the underlying technology has a world of opportunities.

“So while it feels like a crappy bear market, and it has been in coins, underneath it there’s all kinds of positive things,” said Novogratz, who heads Galaxy Digital Holdings Ltd., speaking at a Toronto conference. “There’s positive movement on the technology and there are new technologies coming. There’s positive movement on the institutional adoption of the architecture needed.”

Several companies are already offering tokenization options, and Novogratz said we’ll see more of that going forward. “It’s not nearly as sexy as Web 3.0. But it’s a part of this broader movement of tokenization, digitalization in blockchain and the blockchain makes a lot possible.”